The meeting was attended in particular by Burkinabe economic promotion organizations (CCI-BF, CNPB, MEBF, ABI, APEX-Burkina, AFP-PME, CMA-BF), and economic players with Moroccan capital established in Burkina Faso, said the Embassy of the Kingdom of Morocco in Burkina Faso in a press release received by MAP.
Bilateral economic cooperation covers a wide range of sectors, including banking, insurance, telecommunications, air transport (passenger and cargo), cement, infrastructure and public works, beverages and mineral water, general trade, trade in pharmaceutical products, electricity and media, the statement said.
The participants agreed to set up an institutional network of economic partnership in order to facilitate coordination for the search for business opportunities and investments to be seized between the two parties, which concerns the 12 regions of Morocco and the 13 regions of Burkina Faso, continued the same source, affirming that the two countries have all the necessary assets capable of boosting an active and mutually beneficial South-South cooperation.
This initiative is intended to promote and facilitate the organization of economic forums, promotional workshops, as well as to support economic and commercial actions in the two countries, including prospecting missions, it added.
The level of trade between the two countries increased from 47 million USD in 2016 to 80 million USD in 2021, the statement said, highlighting the growing interest of private economic operators from both countries to develop and strengthen trade, and explore business opportunities, and thus engage more in efforts to develop bilateral relations.
The same source emphasizes that the legal framework governing bilateral cooperation is rich and diversified, covering all strategic areas of common interest, and constitutes the basis of bilateral economic cooperation.
This framework is governed by more than 90 instruments, starting with the General Agreement on Economic, Scientific, Technical and Cultural Cooperation, signed in Ouagadougou on December 28, 1989, the Agreement on the Encouragement and Reciprocal Protection of Investments, signed in Rabat on February 8, 2007, and the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, signed in Ouagadougou on May 18, 2012.
Similarly, the Agreement on the abolition of visas for holders of ordinary passports entered into force in February 2021. This agreement constitutes a mutual reaffirmation of a strong commitment to relations of trust that capitalize on achievements already made at the bilateral level, including the free movement of citizens, which represents a notable diplomatic advance for Morocco and Burkina Faso.
Morocco and Burkina Faso maintain excellent bilateral relations characterized by mutual consultation, constant solidarity and a regular exchange of high-level visits.
2024-08-15 17:01:54